Geithner praises B of A overdraft fee cut WASHINGTON (MarketWatch) -- Treasury Secretary Timothy Geithner on Wednesday praised Bank of America's decision to eliminate overdraft fees. "After years when we saw financial companies competing to exploit vulnerable borrowers, it is good to see banks competing to benefit their consumers. I urge other large banks that have not acted to follow the lead of their competitors," Geithner said in testimony to a House Appropriations subcommittee. Bank of America said earlier Wednesday that starting this summer it will make sure that customers have the cash in their account before a debt card purchase is approved.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

WASHINGTON (MarketWatch) -- A bill that would extend unemployment benefits and health-care subsidies passed the Senate on Wednesday, and now moves on to the House. The vote was 62-36. The bill would extend through the end of the year jobless benefits for the long-term unemployed. It would also extend through Dec. 31 a 65% subsidy of health-insurance premiums for jobless workers.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) -- Crude oil futures rose to finish above $82 a barrel on Wednesday, lifted by better-than-expected U.S. supplies data, a strong economic report from China and forecasts of higher global demand. But crude retraced much of its early gains that led it nearly to 2010 highs as evidence of improving U.S. demand remains scarce. Crude oil for April delivery finished up 60 cents, or 0.7%, at $82.09 a barrel at the New York Mercantile Exchange. Crude earlier jumped to $83.12 a barrel, its highest level since it reached a 2010 high of $83.25 barrel on Jan. 8.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) -- Gold futures finished lower on Wednesday, losing early gains as traders took a cautious approach ahead of more economic reports from China following strong February imports data. Gold for April delivery ended down $1.70, or 0.2%, at $1,122.30 an ounce at the New York Mercantile Exchange. It rose as high as $1,128.30 in morning trade.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

WASHINGTON (MarketWatch) -- The U.S. government recorded a budget deficit of $221 billion in February, the Treasury Department reported Wednesday, even as receipts posted a big increase for the month. Receipts totaled $107.5 billion in February, a 23% increase over last February's total, and marking the first monthly year-over-year increase since April 2008. Outlays were $328 billion in February, up 17% year over year. February was the 17th consecutive month that the government recorded a deficit.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

SAN FRANCISCO (MarketWatch) -- Microsoft Corp. gained a larger portion of the U.S. Internet search market in February, while rival Yahoo Inc.'s share remained flat and market leader Google Inc. lost a marginal amount of market share, according to data published Wednesday by Experian Hitwise. Microsoft, which unveiled a new search engine last year, gained 4% from the prior month to reach a 9.7% share, according to the data. Meanwhile Yahoo's share remained at 14.57%, and Google's share dipped 1% to 70.95%. Microsoft and Yahoo have a partnership in place that will have Microsoft handling the technology behind Yahoo's search service, in a revenue-sharing arrangement.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) -- The Treasury Department sold $21 billion in 10-year notes on Wednesday at a yield of 3.735%.The auction is a reopening, meaning the debt sold will carry the same coupon and maturity date as the original securities issued quarterly. Bidders offered to buy 3.45 times the amount of debt being sold, the highest since at least 1995 and compared to an average of 2.85 at the last for reopenings of 10-year notes. Indirect bidders, a class of investors that includes foreign central banks, bought 35.1%, compared to an average of 41.7% of the last four reopenings. Direct bidders, which include domestic money managers, purchased another 17.5%, versus 8.5%, on average. Yields on 2-year notes , which move inversely to prices, pared an increase after the auction but remained up by 2 basis points to 0.90%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) -- Gold and metals futures turned lower on Wednesday, losing early momentum provided by strong Chinese import data and tracking a move in crude oil. Gold for April delivery was last down $16, or 1.4%, at $1,106.30 an ounce in electronic trade, after rising as high as $1,128.30 in morning trade. Copper for April delivery fell 5 cents, or 1.4%, to $3.36 a pound. Analysts also put the latest Chinese data in the context of a possible revaluation of the Chinese yuan and recent officials' comments that China's ability to buy gold is limited.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) -- Crude oil futures turned lower on Wednesday, after a move towards crude's highest level of 2010 failed to hold in light of a continued weak picture for U.S. demand. Crude oil for April delivery was last down 32 cents, or 0.4%, at $81.17 a barrel in electronic trade. Crude earlier jumped as high as $83.12 a barrel, its highest level since it reached $83.25 a barrel, its highest 2010 level, on Jan. 8.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

WASHINGTON (MarketWatch) - Big commercial banks would be barred from speculative investments in stocks and derivatives and prohibited from owning hedge funds or private equity firms, according to legislation introduced Wednesday by five senators. "There is a place for high-risk speculation on the prices of stocks or securities, but these bets can no longer be allowed to threaten our entire financial system," said Sen. Jeff Merkley, D-Ore., a key sponsor. "Taxpayers should never again be told that they have to save bankers from their bad bets." The bill would also require big investment banks that do not own commercial institutions to set aside additional capital and it prohibits investment banks from betting against packages of loans they sell to clients. The bill is based on a proposal dubbed the "Volcker rule" after former Federal Reserve Chairman Paul Volcker, who chairs Obama's economic-advisory panel and was a key backer of the measures.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) -- U.S. stocks pared their gains Wednesday, as investors reverted to the indecisive trading pattern of recent days. "Don't be surprised by a range the next few days as the market consolidates recent gains," said Nick Kalivas, vice president of financial research at MF Global. The Dow Jones Industrial Average fell 21.31 points to 10,543.07. The S&P 500 Index was up 1.57 points at 1,142.02, and the Nasdaq Composite Index gained 11.27 points to 2,351.87.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

LONDON (MarketWatch) -- U.K. insurance group Resolution has been ejected from the FTSE 100, to be replaced by Anglo-South African bank Investec , the FTSE Group announced as part of its quarterly reshuffle. The changes go into effect on March 22.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) -- Royal Dutch Shell spokesman Rainer Winzenried told MarketWatch that the oil major is not exporting gasoline to Iran. He declined to elaborate on how much gasoline Shell has typically sold to Iran, or how long ago the company stopped selling gasoline to the country.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) -- Crude oil futures returned above $82 a barrel in mid-morning trade Wednesday after the Energy Information Administration reported a smaller-than-expected increase in U.S. crude supplies and a big drop in gasoline supplies. Crude oil for April delivery was up 54 cents, or 0.6%, at $82.03 a barrel in electronic trade, recovering from earlier losses that saw the contract trade to a morning low of $81.05. Crude oil supplies were up 1.4 million barrels in the week ended March 5, the EIA said. Analysts polled by Platts expected an increase of 2.1 million barrels. The EIA also reported a drop of 2.9 million barrels in gasoline stocks. Analysts polled by Platts expected a decline of 338,000 barrels.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

SAN FRANCISCO (MarketWatch) -- Fortune Brands Inc. said Wednesday it reached an agreement to sell its Cobra golf brand, including related intellectual property and endorsement contracts, to Puma AG. Fortune Brands did not provide the financial terms of the deal but said it expects the sale to dilute 2010 earnings by about 2 cents a share before a one-time gain of 5 cents a share. The deal is expected to close in the second quarter. "Divesting the Cobra brand will enable us to drive shareholder value by concentrating our golf investments behind Titleist and FootJoy, which represent our highest return growth opportunities in golf," said Bruce Carbonari, chairman and chief executive officer, in a statement.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

FRANKFURT (MarketWatch) -- German Bundesbank President Axel Weber said Wednesday the so-called "Volcker rule," which aims to bar banks from certain forms of risk trading, has "significant shortcomings." One shortcoming of the Volcker rule is that it most likely would not apply to investment vehicles, such as hedge funds or investment banks, said Weber, who is also a member of the European Central Bank's governing council. "The most fundamental problem of the Volcker rule lies in the fact that a complete prohibition of certain activities -- activities that are perhaps more risky but not necessarily economically inefficient -- is a very far-reaching market intervention," Weber said in a speech in Dublin, according to a transcript published of the Web site of the Bundesbank. The Volcker rule is named after former Federal Reserve Chairman Paul Volcker, who chairs President Obama's economic-advisory panel and is a key backer of the proposed measures. Weber said the Volcker rule may have "unintended and unfavourable consequences." "It could, for example, have undesirable effects on the transmission of monetary policy," he said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

BOSTON (MarketWatch) -- Facet Biotech Corp. and InterMune Inc. were the lead advancers among biotech stocks Wednesday, with both stocks rocketing over 60% in early trading. Facet shares shot up to $26.95, the morning after Abbott Laboratories said it plans to buy the drug developer for $27 a share in cash. InterMune shares, meanwhile, soared to $38.11 on news that an advisory panel of the U.S. Food And Drug Administration had voted Tuesday to recommend that agency approve its new pulmonary drug. The NYSE Arca Biotechnology Index jumped 4.6% to 1221.35, pushed higher by component InterMune. The NYSE Arca Pharmaceutical Index was largely flat at 306.00.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) -- Mining-equipment provider Bucyrus International Inc. was added to Goldman Sachs buy list on Wednesday on higher capital spending among mining companies and due to its acquisition of Terex. Mining company capital expense budgets will likely be revised higher in coming quarters, Goldman Sachs said in a note, particularly for iron ore and seaborne coal operations due to higher commodity prices. Further, the company's cost-savings from its purchase of Terex is likely to exceed earlier targets. Goldman Sachs gave Bucyrus a 12-month price target of $80. Shares recently traded at $66.73, up 1.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) -- Analysts at Goldman Sachs Group Inc. on Wednesday upgraded Evercore Partners Inc. to its conviction buy list, while at the same time downgrading Lazard Ltd. from the list to a buy rating. Shares of both firms responded in early Wednesday trading, with Evercore stock up roughly 5% and Lazard shares off more than 4%. "We view Evercore as an attractive way to maximize exposure [to improving mergers and acquisitions trends] without the near-term overhang of secondary share issuance and lingering concern surrounding compensation headwinds at Lazard," said the Goldman analysts in a research note.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NEW YORK (MarketWatch) -- Crude oil futures turned lower on Wednesday, with traders adopting a cautious tone ahead of the release of weekly U.S. petroleum supplies data. Crude oil for April delivery was last down 6 cents at $81.43 a barrel in electronic trade, losing earlier gains that saw the contract trade as high as $81.95 a barrel. Crude rose earlier after OPEC raised its forecast for global oil demand and China reported strong trade data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.